Kamala Harris has gained a substantial financial lead in the presidential campaign thanks to significant contributions from Wall Street and Silicon Valley, outstripping Donald Trump in daily spending, according to a new report from Bloomberg. As the race heats up, Harris and the Democratic National Committee are significantly outpacing Trump and the Republican Party, spending $7.5 million daily compared to Trump’s $2.6 million. This financial boon, stemming largely from a recent shift of top donors towards Harris after she took over the Democratic ticket from Joe Biden, marks a turning point in the campaign’s dynamics as it enters its most costly phase.
Key Facts:
– Kamala Harris’s campaign has ramped up its spending to $7.5 million a day in August, outspending Donald Trump’s $2.6 million daily expenditure.
– Harris has a robust backing from influential donors such as Bruce Karsh of Oaktree Capital Management and actress Scarlett Johansson, significantly boosting her campaign’s financial resources.
– In September, Harris’s campaign is projected to spend $152 million on advertising, which is over double what Trump plans to spend.
– Despite the financial advantage, the race remains tight, with Harris slightly leading in some swing states according to recent polls.
– Trump’s campaign is also receiving considerable support but is spending $32 million more than it raised in August, indicating a more defensive campaign strategy.
The Rest of the Story:
Harris’s substantial campaign fund allows her to experiment with various strategies and focus on states like North Carolina and Nevada, which were previously considered strongholds for Trump. With $404 million in her campaign coffers at the beginning of September—$109 million more than Trump—Harris has the flexibility to dominate the airwaves and engage in extensive campaigning efforts. Despite her spending deluge, the electoral race remains closely contested. Trump, meanwhile, is not without substantial support; his campaign and aligned super PACs like Preserve America and Make America Great Again Inc. continue to draw significant funds from loyal donors such as Miriam Adelson and Timothy Mellon. However, they are outmatched by Democratic spending in key areas, particularly advertising and grassroots campaigning. The DNC, for instance, has invested heavily in door-to-door canvassing, spending $10 million in August alone, underscoring their strategy to mobilize voters at the grassroots level.
RESURFACED: Video obtained by the @DailyMail shows Kamala Harris chanting “DOWN, DOWN WITH DEPORTATION!” at a 2018 parade with Jussie Smollett.
This is your Border Czar 😳 pic.twitter.com/SCPx8j7Ijn
— Trump War Room (@TrumpWarRoom) September 23, 2024
Commentary:
While Kamala Harris’s campaign benefits from a considerable financial advantage over Donald Trump’s, translating this into electoral victory remains uncertain. Harris’s strategy has focused predominantly on leveraging her campaign’s financial muscle to out-advertise Trump, yet her reluctance to clarify her policy positions or engage extensively with the media could hinder her ability to connect with undecided voters. This approach may not resonate as effectively with voters seeking concrete solutions and clear leadership, leaving her expensive campaign efforts less impactful than Democrats may have hoped.
The Bottom Line:
Kamala Harris has managed to secure a significant financial edge in the 2020 presidential race, courtesy of major donations from high-profile supporters. This advantage has allowed her to outspend Donald Trump significantly, especially in critical advertising and grassroots campaigning. However, the outcome of the election will likely hinge not just on financial resources but on the ability to effectively communicate and resonate with voters, areas where Harris must still prove her mettle.
Related:
